Freelancers hot desking, a music producer launching his next DJ project and a youth group running an under-18s dance party would have been unfathomable to the iconic Orange family when they relocated the flour mill from Summer Street to be closer to the railroad.

Today's owner of number 86 Peisley has transformed the last-standing structure of the old mill into a dynamic venue, emerging as the new go-to for arts, work and party events.

Lisa Madigan joked that her communal concept was adopted purely to benefit herself.

"I'm doing it for me and if anyone else chooses to use it they can," she said.

"I hate working alone so I thought I might as well make a space where I can work with others."

Through its renovation, the integrity of the old building has been maintained, its exposed steel beams, old bricks and high ceilings accentuated rather than covered up or removed.

Ms Madigan said when ownership was signed over to her three years ago she began stripping it back with the intention to "build into it".

She said she stood and cried for a little while when the panels were removed and the old walls and ceiling were revealed.

"It's just a really stunning, striking building," she said.

"The last of its kind in Orange."

VIDEO: Take a walk inside The Building ...

Before the interior designer and hotelier began turning The Building into a communal workspace and venue for hire, it was home to the old Regional Bearings business.

Regional Bearings purchased it from the man who built the organ for the Orange Presbyterian Church, Roger Pogson.

Mr Pogson had subdivided the old mill building, selling the other half to the Agriculture board.

Occupying that half now is John Spanjer's Busy Bees maintenance and renovation business.

Mr Spanjer has been in the building which "ticked all the boxes" for five years, during which time he has put in a studio, done internal repairs and "a bit of painting".

While Ms Madigan's renovations to create loft apartments and rentable office spaces are ongoing, The Building is being occupied by event planners, including Arts Orange for an art, music and food party during the Winter Fire Festival.

"I'm having a bit of fun with what people come up with and innovative ideas for utilising the space," Ms Madigan said.